When I want a transparent pre, I want to hear how close the pre sounds to the sound I hear from the mic'd source.
Other times I may want to hear how it enhances (colors) that sound. It depends on the source and what my needs are.
I also like to compare mic/pre pairs. I'll take one mic and listen to it through different preamps and see what I like best.

What features are must haves?

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Since I don't have a great knowledge of the inner-workings of a preamp, like their transformers, tubes and whatnot, these are the things I look for, in no particular order...

Low Noise
High Headroom
Lotsa Gain
Phantom Power - check that voltage!
I like a DI input on them too

There are many, Many, MANY posts on this forum about mic preamps. Lots of good info in them too.

Generally with most tube circuits, on good preamplifier's and not your bargain variety, the outputs are transformer balanced. The outputs are generally on "XLR" connectors, barrier blocks or even 1/4" TRS "tip ring sleeve" balanced outputs. Of course, one can create a transformerless output with a hybrid device with solid-state components for the output. I don't like depleted plate preamps either. A plate voltage of at least 250 volts DC is usually necessary. Any less and its pooped out.

No plate at almost 51 but I am feeling rather depleted.
Ms. Remy Ann David

i'm starting to become alarmed at how often i'm agreeing with remy....

BTW Question... how do i thank you for the spanking the other day????

glad to hear your already aware of starved plates... if you like most of us are concerned with budget i would recommend checking into the DBX 368
around 200V on the plates not as coloured as some ... i even use it for my live keyboard rig...